Sat.Aug 27, 2022 - Fri.Sep 02, 2022

Aggressive Monetary Policy Drives Mortgage Rates Upward

Appraisal Buzz

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) had averaged 5.66%.

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What Is a Reconciled Value?

Cleveland Appraisal Blog

Have you ever read thru an appraisal report? You may have noticed that there are three approaches to value. The Sales Comparison Approach, the Cost Approach, and the Income Approach.

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The last domino before a recession? Job losses

Housing Wire

Today’s job report came in better than anticipated, with 315,000 jobs created. We did have negative revisions of 107,000 to the prior two reports combined, and the unemployment rate rose to 3.7%. So what does this mean for the labor market and the larger economy? .

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The housing market went from steaming to stagnant (free download)

Sacramento Appraisal Blog

The housing market went from steaming to stagnant a few months ago, and now that some time has passed, we’re getting more stats to help show the effect of higher mortgage rates. Today let’s look at sales volume to understand what’s going on.

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What Impact Will the Infrastructure Bill Have on the Housing Crisis?

Appraisal Buzz

The United States is currently in what many consider to be a housing crisis. Market prices for purchased and rented homes are through the roof, with no clear end in sight. More people are searching for homes than there are houses available.

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Bias in the (Transaction) Zone?

George Dell

The transaction zone is a range within which a sale price might occur. Yet our definitions of value nearly all define a “most probable” price. In prior issues, we have discussed how vintage appraisal practice is vulnerable to accusations of bias.

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More Trending

How Full Is Your Glass?

The Appraiser Coach

I love podcasts! In fact, I started recording podcasts because of how much I loved listening to them. Recently, I was listening to a podcast about car salesmen, and one. Read More.

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LL 100 Issues White Paper on Fair Debt Collection Practices Act

Appraisal Buzz

Members of LL 100’s Special Initiative Working Group examine the CFPB’s amendments to Regulation F of the Fair Debt Collection Practices Act and their implications on the mortgage servicing industry. The post LL 100 Issues White Paper on Fair Debt Collection Practices Act appeared first on DSNews.

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Stucco and Vinyl were the Most Common Siding Materials on New Homes in 2021

Eyes on Housing

According to the annual data from the Census Bureau’s Survey of Construction (SOC), stucco was the most common principal siding material on new single-family homes started in 2021 (28 percent), followed by vinyl siding (24 percent), fiber cement siding (such as Hardiplank or Hardiboard (23 percent) and, brick or brick veneer (19 percent).

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Homepoint lays off off more than 100 employees

Housing Wire

Homepoint laid off more than 100 employees this week as it feels the effects of the price war in the wholesale lending space.

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Buying or Selling Ohio Land for Sale? Think Land Appraisal.

The Robert Weiler Company

When there is Ohio land for sale – whether raw acreage, commercial property, or residential – a land appraisal is the key component of the process. Any loan for a property is based on the appraisal value.

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Millennials, Gen Z Renters Hit Hardest by Inflation

Appraisal Buzz

Millennials who took on a new rental lease in July saw their overall cost of goods and services increase 11.6% year over year, substantially higher than 8.5% for the U.S. population as a whole.

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Private Residential Spending Slides in July

Eyes on Housing

Private residential construction spending declined further in July, as rising mortgage rates and elevated construction costs put a damper on the market. It fell 1.5% in July, down for the second straight month, according to NAHB’s analysis of the Census Construction Spending data.

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Mountain West Financial steps back from wholesale lending

Housing Wire

Add mortgage lender Mountain West Financial to the list of victims of the price war in the wholesale channel. The Redlands, California-based company informed its broker network last week that it has “made the difficult decision to take a step back from wholesale lending,” according to a spokesperson.

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Is the Sun Setting on High Prices? – August Newsletter

DW Slater Company

“It is almost impossible to watch a sunset and not dream.” ” – Bernard Williams. We recently had an extended trip to send our son off to college in Colorado. When we returned I snapped this photo of Lake Ray Roberts as we were arriving in our hometown. It was so peaceful.

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Summer Ends Amid Rising Bankruptcies

Appraisal Buzz

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Home Price Growth Eased in June

Eyes on Housing

Home price growth decelerated in June and home prices grew at a single-digit annual rate for the first time in the past 23 months. As housing demand is softening, with declines for existing home sales and new home sales and weakened single-family starts, home price growth is expected to slow.

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Two new MSR offerings hit the market

Housing Wire

The Prestwick Mortgage Group , an Alexandria, Virginia-based advisory and brokerage firm, has unveiled a mortgage-servicing rights (MSR) offering for a $598 million package of Fannie Mae and Freddie Mac loans.

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Home Buyer's Guide to Closing Costs in North Carolina

Raleigh Realty

Are you thinking of buying a home in North Carolina? If so, you'll want to be aware of the closing costs involved. Closing costs are the fees and expenses that you pay when you purchase a home, so it's important to know what to expect before you begin the home buying process.

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Study Finds Inflation More Severe for Younger Renters

Appraisal Buzz

Millennials who took on a new rental lease in July saw their overall cost of goods and services increase 11.6% year over year, substantially higher than 8.5% for the U.S. population as a whole.

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Revolving Consumer Credit Posts Double-Digit Increase in Q2 2022

Eyes on Housing

Non-real estate consumer credit grew at a seasonal adjusted annual rate (SAAR) of 8.7% in the second quarter of 2022 according to the Federal Reserve’s latest G.19 Consumer Credit report. Revolving debt climbed 14.6% (SAAR), double the increase in nonrevolving debt (+6.9%).

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Rocket offers more voluntary buyouts

Housing Wire

Rocket Companies , the parent company of Rocket Mortgage , extended the second round of voluntary career transition offers to employees amid the company’s forecast of much lower origination volume in the third quarter. .

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Technology tool is a ‘multi-tasker’

Valuation Review

Earlier, Valuation Review discussed the Valorem technology tool offered by JLL Valuations Advisory. We recently spoke with JLL’s Global Chief Product Officer Tyrone Hodge for more details about this technological advancement and what it means for appraisers. Read on to learn more

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Wells Fargo Commits $2B to Support Housing Affordability

Appraisal Buzz

Issuance of new Sustainability Bond will be used for housing affordability project design for low- and moderate-income populations. The post Wells Fargo Commits $2B to Support Housing Affordability appeared first on theMReport.com.

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Solid Job Gains in August

Eyes on Housing

Job growth remained solid in August, with 315,000 net job growth. However, the unemployment rate rose 0.2 percentage points to 3.7% in August, as the labor market participation rate expanded.

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Opinion: Taming inflation requires making housing affordability a national priority

Housing Wire

Inflation slowed more than expected in July , the result of a dip in gas and energy prices. But soaring housing costs continue to weigh heavily on family budgets. Rents and home purchase prices are up – 17% and 20% respectively – from last year.

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Business, real estate appraiser outlines allocating value

Valuation Review

Dennis Webb is the principal of Primus Valuations, a specialty valuation and litigation consulting firm with offices in Los Angeles and Denver.

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Utilizing Tech to Curb the Affordability Crisis 

Appraisal Buzz

As the nation’s home buyers continue to face affordability woes, Joe Puthur from Mortgage Coach shares his thoughts on ways to ease the issues faced by many prior to entering the housing marketplace. . The post Utilizing Tech to Curb the Affordability Crisis appeared first on theMReport.com.

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Stable Reading for July Construction Job Openings

Eyes on Housing

The construction labor market is cooling off as economic activity slows in response to tighter monetary policy. However, the July data shows stability concerning the number of open, unfilled jobs in the construction industry.

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AmeriSave exits wholesale channel, cuts staff

Housing Wire

Atlanta-based AmeriSave Mortgage Corp. exited the wholesale channel this week, a decision that comes after the mortgage lender has imposed rounds of layoffs across the company, according to former employees and business partners. .

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Calif. vs. Fla. in Fight for ‘Digital Nomads’

Empire Appraisal Group

Calif. vs. Fla. in Fight for ‘Digital Nomads’. If permanent work-from-home employees can move wherever they want, where do they go? According to Airbnb, Fla. is one of the top two destinations. NEW YORK – Some U.S.

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Property Preservation Experts to Meet at Upcoming Five Star Conference

Appraisal Buzz

As part of September’s Five Star Conference in Dallas, the Property Preservation Lab brings together individuals discussing the challenges currently faced, while offering solutions to continue the prevention of urban blight.

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Student Housing Investment Edges Down in the Second Quarter of 2022

Eyes on Housing

Private fixed investment in student dormitories declined 4.4% to a seasonally adjusted annual rate (SAAR) of $3.2 billion in the second quarter of 2021, according to the data released by Bureau of Economic Analysis. Private fixed investment in dorms was 12.7%

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Job growth beats expectations in August

Housing Wire

Even in the midst of a housing recession , job growth remains strong. August total nonfarm payroll employment rose by 315,000 jobs from the month prior , according to data released Friday by the Bureau of Labor Statistics.

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